A chartered accountant who qualified in 2002 and is employed in the industrial and commercial sector earns an average remuneration package of €110,500 a year, according to the Annual Salary Survey of the Leinster Society of Chartered Accountants/The Accountants Panel.
Over 1,290 chartered accountants responded to the survey, which was carried out by Brendan Burgess of The Accountants Panel on behalf of the LSCA.
The survey found that chartered accountants working in the financial services sector tend to be paid more than their counterparts in industry and commerce. Their fringe benefits also tend to be better.
For instance, the average salary of a head of finance in industry and commerce is €140,800 per annum, while on average a head of finance in the financial services sector receives a wage of €190,400 per annum. In addition, 65% of heads of finance in industry and commerce get health insurance as a fringe benefit, compared to 83% of heads of finance in financial services.
Both the financial services and industry/commerce sectors pay better than practice, according to the report. In the top four accountancy firms, audit managers are paid an average salary of €105,100, while audit seniors receive €59,900.
Outside of the top four, managers are paid on average €78,600, while seniors receive €51,000. However, partners in practising firms have been excluded from the survey, and if they were included then it is likely that the average earnings from practice would be higher.
The survey notes that the main factors influencing salaries are the size of the company, the position held within the company and also the year of qualification. More experienced chartered accountants are invariably in more senior positions and, as a consequence, earn higher salaries.